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FICO score and interest rate

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CS800
Super Contributor

FICO score and interest rate

Does it matter what my middle score is with FHA? Or if I qualify for an FHA I will get the prevailing rate and a FICO of for example 640 will get the same interest as a 720 fico?

 

Does this also apply for conventional? I am thinking with conventional the better your scores, the better is the interest rate.




Message 1 of 6
5 REPLIES 5
wallacecody25
New Contributor

Re: FICO score and interest rate

If it helps I am locked in at 3.75 for a USDA garaunteed with Ficos of 665, 659, and 640 ish. I cant remember the exact numbers, but I know my mid score is 659.

Message 2 of 6
CS800
Super Contributor

Re: FICO score and interest rate


@wallacecody25 wrote:

If it helps I am locked in at 3.75 for a USDA garaunteed with Ficos of 665, 659, and 640 ish. I cant remember the exact numbers, but I know my mid score is 659.


Pardon my ignorance, how does USDA work. Is it backed by the Dept of Agriculture? How does one get this loan?




Message 3 of 6
wallacecody25
New Contributor

Re: FICO score and interest rate

Yes, from what I understand it is backed by the Department of Agriculture. I know the property has to be located in an area elgible for the loan. 100% financing is available(no down payment), and certain income restrictions. These are the main things I personally know about it.

Message 4 of 6
boomhower
Valued Contributor

Re: FICO score and interest rate

Yes, with FHA the rate is the same if you qualify whether it's with a 640 or 740.  I just locked mine at 3.5 for 15 with a 699 mid.

Message 5 of 6
CS800
Super Contributor

Re: FICO score and interest rate

Thanks for the replies. I'm gathering infor so I can be ready next year for a mortgage.




Message 6 of 6
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